By Sheri Kasprzak
New York, Nov. 22 - The State of Ohio priced $170.995 million of series 2011C taxable hospital revenue refunding bonds for the Cleveland Clinic, according to an official statement.
The bonds (Aa2/AA-/) were sold through J.P. Morgan Securities LLC. The co-managers were PNC Capital Markets LLC, US Bancorp Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch.
The bonds are due 2017 and 2019 to 2025 with a term bond due in 2032.
The serial coupons range from 2.731% to 4.249%, all priced at par. The 2032 bonds have a 4.723% coupon priced at par.
Proceeds will be used to refund the clinic's series 2003A revenue bonds.
| Issuer: | State of Ohio/Cleveland Clinic
|
| Issue: | Series 2011C taxable hospital revenue refunding bonds
|
| Amount: | $170.995 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), PNC Capital Markets LLC, US Bancorp Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.05 million | 2017 | Serial | 2.731% | 100
|
| $13.91 million | 2019 | Serial | 3.399% | 100
|
| $16.295 million | 2020 | Serial | 3.549% | 100
|
| $15.715 million | 2021 | Serial | 3.679% | 100
|
| $16.275 million | 2022 | Serial | 3.849% | 100
|
| $16.88 million | 2023 | Serial | 4.00% | 100
|
| $17.525 million | 2024 | Serial | 4.149% | 100
|
| $17.09 million | 2025 | Serial | 4.249% | 100
|
| $44.255 million | 2032 | Serial | 4.723% | 100
|
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